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DAILY FX COMMENTARY
Thursday, January 20, 2005 11:18 GMT
Daily market analysis
By Investica
http://www.investica.co.uk


Daily Market Analysis 20/01/05
The yen was unable to strengthened through the 102.0 level and the US currency strengthened back to near 103.0 in New York before drifting back to 102.6 in early Europe on Thursday. Subsequently, the yen weakened back to 102.85. The Euro was unable to sustain gains beyond 134.0.

Japanese officials have warned over potential intervention while the Bank of Japan also expressed concern over the yen"s level for the first time since last May. The Finance Ministry appears very reluctant to accept dollar gains through 100.0 and the verbal intervention is a clear warning to the markets. The situation will still be complicated by the fact that Japan will be very reluctant to intervene ahead of the early-February G7 meetings. Some form of informal intervention is realistic.

There have been media reports that the Chinese central bank could consider a yuan revaluation from mid February. There have also been some speculation over a Malaysian ringgit revaluation which will create further Asian currency demand. The underlying pressure for Asian currency gains and speculation over such a move will offer strong background yen support. The NIkkei index weakened overnight and, with deflation concerns, there will be some doubts whether yen buying offers value below the 102.0 level. There will be a risk that speculative and investor yen demands will diverge over the next 2 weeks ahead of the G7 meetings. This would increase the risk of at least a temporary sharp dollar correction higher

sitting a few ahead on /yen short although not that exciting but stop in after earlier yen weakness had pushed it higher and then subsequent weakness sent it down again but more action here and on the usual suspects may not come yet?

hodgins
I'm looking at buying USD/JPY. Looking for a charge to the 104.5 area

got a stop in for those reasons but still haven't gone long dollar anything

Just as a matter of interest guys, which streaming charts do you use for forex, I use SSRT

me bit of everthing cmc/netdania/other bits and bob`s..
blue,iam sure someone can fill you in a bit better than that, ijust try to keep it simple try to avoid paralsis by over anaylasis..excuse spelling lol..

mostrader, I'm like you like to keep it simple, rely on a 5,8,5 macd signal which seems to work 8 out of 10 times on a intraday basis

same thing find something that works and stick to it,i thinks best

Just got back to see my 18650 buy has been triggered. Must check the lottery - might have won the jackpot at this rate :))

My 10750 matching sell is still there, using the 100 point position strategy !!

well done mg tops and bottoms my friend....

very narrow trading last couple of hours. Come on the Yanks..

CAD figures 1.30, indication of tone?

true hod,jm apart from early move pre london all stuck in tight ranges....

just been stopped out of my USD/JPY long.

Checked the Lottery - big winner - 5 from the Thunderball - I'm on a roll :)

3 numbers me,mg was only one winner so near, iam trading s+p this avrvo,will be back to c what the shrub has to say at his swearing in, shud see sme movement then..

relatively strong, line in sand at 965-lack of falls across the board this AM seen as precursor of end of dollar strength for now by some.

hod , still think usd chf @ shrt but 1900 seems to be holding..

Closed my triggered buy from 650 for 60 ;)

Better day than yesterday's roller coaster big downs and then ups for small gains.

MG
Nice one. bit more volatlity this afternoon after a quiet morning. Not done much myself, been in meetings